MONTREAL, April 13 /CNW Telbec/ - Mitec Telecom Inc. ("Mitec") (TSX: MTM), a leading designer and manufacturer of mobile wireless, fixed wireless, broadcast and satellite components, announced today that Jeffrey A. Mandel, currently Executive Chairman of the Corporation, has also been appointed President and Chief Executive Officer. Mr. Mandel replaces Daniel Piergentili who has tendered his resignation and will no longer serve on Mitec's Board of Directors. Mr. Piergentili has agreed to assist Mitec with the transition over the coming weeks. Mitec's Board of Directors and management team wish Mr. Piergentili well in his future endeavors and thank him for his past contributions to Mitec.
Mr. Mandel has been an integral part of the Mitec team since joining the board in 2006 and has worked closely with the Corporation's Board of Directors and management team.
Mr. Mandel said, "I am happy to continue doing all I can to further Mitec's objectives. Mitec continues to execute on its initiative to leverage each of its various divisions with the objective of unlocking shareholder value. To date in 2011, we have announced the sale of our RF conditioning business and assets in Suzhou, China for $4.1M US in cash proceeds, which has substantially strengthened our balance sheet in a non-dilutive manner. Additional initiatives are underway which we are confident will improve the Corporation's position even further."
"In addition, we are focused on protecting our cash position. This requires various actions including reducing our cash burn, minimizing corporate overhead and ensuring that we develop and market products which generate acceptable gross margins in growing markets. To that end, it became evident that senior management changes would greatly contribute to achieving this objective and at the same time provide the same level of duties and responsibilities which Mitec requires to succeed", stated Mr. Mandel.
About Mitec Telecom Inc.
Mitec is a leading designer and provider of radio frequency (RF) products for the telecommunications and satellite communications industries, as well as a variety of other sectors. Mitec sells its products worldwide to network providers for incorporation into high-performing wireless networks used in voice and data/internet communications. Headquartered in Montreal, Canada, Mitec also operates a facility in California. Mitec is listed on the Toronto Stock Exchange under the symbol MTM. On-line information about Mitec is available at www.mitectelecom.com.
Due to confidentiality provisions, Mitec is generally not able to disclose the names of its major customers or the financial data related to sales transactions. Certain statements in this release, including statements regarding future results and performance, are forward-looking statements based on current expectations. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those projected, including, but not limited to, the effect of general economic conditions, decreases in demand for Mitec's products, fluctuations in selling prices and adverse changes in general market and industry conditions and other factors listed in Mitec's public filings with the appropriate securities regulatory authorities.
SOURCE MITEC TELECOM INC.
For further information: Mr. Bruno Dumais, Vice President, Finance and Chief Financial Officer, email@example.com, Tel.: (514) 694-9000; Source: Mitec Telecom Inc.